HomeMy WebLinkAboutResolution - 1108 - Stating Guidelines for City Financing of Improvements to Serve Undeveloped Property - 04/06/1976 CITY OF EDEN PRAIRIE
HENNEPIN COUNTY, MINNESOTA
RESOLUTION NO . 1108
A RESOLUTION STATING GUIDELINES FOR CITY FINANCING
OF IMPROVEMENTS TO SERVE UNDEVELOPED PROPERTY
WHEREAS, the City of Eden Prairie desires to promote development within
its boundaries; and
WHEREAS, the City has limited resources to promote development; now,
therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF EDEN PRAIRIE,
the City will, to the extent possible, participate in the financing of lateral
type improvements which abut existing systems in order to provide service to
residential projects.
Such system extensions will be approved only after the builders demonstrate,
to the City's satisfaction, their project is viable and will be completed within
• the time frame indicated.
In order to finance such improvements,the City will sell short term (6 year)
bonds.
.Builders will be required to pay to the City up to 1.25 times the estimated
or assessed cost of the improvements as assessed to the individual parcels at
the time of building permit.
The assessment term will be no longer than 6 years.
Guarantees of the assessment may be required by someone other than the
Builders when the size or character of the project warrants.
Construction will be phased whenever possible.
Requests, other than for residential purposes, will be reviewed on an
individual basis with priority given to projects of a community service character
or which will provide employment for large numbers of people.
Adopted by City Council of Eden Prairie t e th day of April,
c
Wolfgar g ]Fenzel, Mayor
AT EST* SEAL-
PTe6e, Clerk